Share Market Highlights 19 December 2023: Sensex climbs 122 pts to settle at 71,437, Nifty closes above 21,450

Benchmark equity indices Sensex and Nifty scaled new lifetime high levels in intra-day trade on Tuesday before ending with gains on the back of buying in index major Reliance Industries and positive global cues.

The 30-share BSE Sensex climbed 122.10 points or 0.17 per cent to settle at 71,437.19. During the day, it jumped 308.62 points or 0.43 per cent to reach its all-time intra-day high of 71,623.71.

The Nifty climbed 86.4 points or 0.40 per cent to hit its record peak of 21,505.05. It finally closed higher by 34.45 points or 0.16 per cent at 21,453.10.

Among the Sensex firms, Nestle, NTPC, Reliance Industries, State Bank of India, ITC, Hindustan Unilever, Power Grid and Bajaj Finance were the major gainers.

Wipro, Tata Consultancy Services, HCL Technologies, Tata Steel, Bajaj Finserv and Maruti were among the laggards.

Man Infraconstruction Ltd disclosed in its regulatory filing that the MICL Group has secured Commencement Certificate (CC) for its UberLuxurious Residential Project in Ghatkopar East, Mumbai.

Commenting on this development, Manan P. Shah, Managing Director of the company, said, “MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-24. The company is expected to generate revenue of ₹1,200 crore in next 4 years from this project.” 

Man Infraconstruction stock closed 4.97 per cent higher at ₹210 on NSE.

Sanghvi Movers Limited has received work order aggregating to ₹166 crore from an independent power producer (IPP) in the renewable energy sector, for providing cranes, WTG inter-carting, installation and precommissioning and making WTG Foundations with geotechnical analysis.

The total duration of this contract is 24 months starting from January 2024 till January 2026.

The company’s stock closed 0.98% higher at ₹804.90 on NSE.

The digital solutions company LTIMindtree has announced a collaboration with the technology major Microsoft to introduce cutting-edge, AI-powered employee engagement applications.

LTIMindtree, in its regulatory filing, has said that the generative AI-powered employee engagement applications, under the umbrella of Canvas.AI suite of AI offerings and solutions, will redefine enterprise effectiveness and enable greater personalisation.

It will use Microsoft Azure OpenAI Service and Azure Cognitive Search to enable AI-led capabilities, including content summarisation, graph-led knowledge structuring, and an innovative copilot.

Jubilant FoodWorks has informed the exchange that the company has launched a cash offer to acquire the remaining 45.33 per cent of the share capital of DP Eurasia, a subsidiary company, for 95 pence per share (from the earlier 85 pence) in cash.

Jubilant Foodworks Netherlands B.V. (JFN), a wholly owned subsidiary of Jubilant FoodWorks Ltd holds 54.67 per cent.

Jubilant FoodWorks had earlier announced the appointment of Suman Hedge as the Executive Vice President and Chief Financial Officer of the company, effective March 1, 2024.The stock traded at ₹568.80 on the NSE, up by 1.73 per cent as of 2:32 pm on Tuesday.

The board of JB Chemicals & Pharmaceuticals Ltd (JB Pharma) has approved the execution of a trademark license agreement with Novartis Innovative Therapies AG, Switzerland (contract worth ₹964 crore), for a portfolio of select ophthalmology brands, which will be effective in January 2027.

The board has also approved a promotion and distribution agreement with Novartis Healthcare Private Ltd for the same portfolio of select ophthalmology brands for the Indian market for three years starting December 2023.

JB Pharma stock traded at ₹1,473.85 on the BSE, up by 0.14 per cent as of 2:30 pm on Tuesday.

Xpro India Ltd has proposed a capital raising plan to raise up to ₹140 crore through a preferential issue of convertible warrants and up to ₹150 crore through Qualified Institutions Placement (QIP).

The company has said in its regulatory filing that the promoter group will also participate in the preferential issue.

In addition, Xpro India’s board has also approved the setting up of a subsidiary in the United Arab Emirates (UAE).

Xpro India stock declined by 3.78 per cent on the NSE, trading at ₹1,138.55 as of 2:23 pm.

The BSE Sensex was up by 0.26 per cent or 185.51 points at 71,492.36, while the NSE Nifty was up by 0.24 per cent or 50.85 points at 21,469.50 at 3.10 pm on Tuesday

A total of 3,878 stocks were traded on the BSE on Tuesday, of which, 1,865 advanced, while 1,872 declined and 141 stocks remained unchanged. As many as 350 stocks hit a 52-week high, and 15 stocks hit a 52-week low at 3 pm.

Kilburn Engineering Ltd has received a Letter of Intent (LoI) worth Rs 18.85 crore from an Indian steel manufacturer for an Externally Fired Superheater. Shares were up by 0.68 per cent at Rs 288 on the BSE.

Trans India House Impex Ltd has allotted 38,00,000 equity shares at an issue price of Rs 10 each, following the conversion of Convertible Equity Warrants. Shares were up 1.94 per cent at Rs 34.10 on the BSE.

Transformers and Rectifiers (India) Ltd secured orders worth Rs 237 crore from Power Grid Corporation of India Ltd for the supply of transformers. The contract involves the design, engineering, and manufacture of reactors for sub-stations. The project is expected to be completed in 15 months. Shares were up by 4.44 per cent at Rs 192.20 on the BSE.

LTIMindtree has collaborated with Microsoft to launch AI-powered Employee Engagement Applications, using the Azure OpenAI Service and Azure Cognitive Search. Shares were down by 0.32 per cent at Rs 6,119.32 on the BSE.

Man Infra has secured a commencement certificate for its luxury residential project in Ghatkopar East, Mumbai. The project is expected to generate revenues of Rs 1,200 crore in the next four years.

Jindal Stainless Ltd (JSL) has acquired 100 per cent stake in Rabirun Vinimay Pvt Ltd for Rs 96 crore. Jindal’s shares were down by 2.56 per cent at Rs 547.15 on the BSE.

Toyam Sports Ltd has tied up with Pacific Star Sports to name ‘Gulf Land’ as the title sponsor for ‘TSL Hawks’ in the World Tennis League (WTL). The partnership will showcase players and musical performances in Abu Dhabi from December 21 to 24, 2023. Shares were down 1.04 per cent at Rs 5.70 on the BSE.

United Drilling Tools Ltd has secured an order worth approximately Rs 95.8 crore for the supply of Casing Pipe with Connector to ONGC. The shares were up 14 per cent at Rs 276 on the BSE.

HDFC Life Insurance has received a GST order involving a demand of Rs 6.41 crore, interest of Rs 6.46 crore, and a penalty of Rs 60 lakh for the period from July 1, 2017, to March 31, 2018. Shares were down by 0.60% at Rs 668 on the BSE.

Vakrangee Ltd’s shares were up by 6 per cent at Rs 20.50. The company has entered into a share purchase agreement for the acquisition of 8.8 per cent of the equity share capital of Vortex Engineering from International Finance Corp.

Major gainers on the BSE at 2 pm include Kiri industries Ltd (17.82%), Hemisphere Properties India Ltd (9.56%), DCM Shriram Ltd (10.24%), Edelweiss Financial Services Ltd (10.99%), Coffee Day Enterprise Ltd (9.10%)

Major losers: LT foods Ltd. (-4.44%), Zee Entertainment Enterprises ltd. (-3.44%), KPI green energy Ltd. (-2.93%), Bengal and Assam company Ltd. (-3.65%), Gujrat ambuja exports Ltd. (-3.09%)

The BSE Sensex was up by 0.29 per cent or 206.91 points at 71,522 while the NSE Nifty was up 0.26 per cent or 54.65 points at 21,437 at 2 pm.

Mahindra & Mahindra Financial Services Ltd, which faces a tax penalty demand of Rs 3.2 lakh from the Karnataka Government, believes it has adequately met its tax liability and anticipates a favourable outcome at the appellate level. Shares were down by 0.54 per cent at Rs 1,700 on the BSE. 

Xpro India Ltd plans to raise up to Rs 290 crore through a preferential issue of Convertible Warrants and a QIP. Xpro will also establish a subsidiary in the United Arab Emirates. Shares were down 4.22% at Rs 1,135.85 on the BSE.

Vipul Organics Ltd has introduced three new paper-focused products at PAPEREX 2023, securing seven trial orders. Shares were up by 2.05% at Rs 168.95 on the BSE.

Hinduja Global Solutions (HGS) has announced the launch of HGS Agent X, a single, integrated artificial intelligence (AI), automation, and analytics-powered user interface, streamlining call centre agent workflow.

Venkatesh Korla, President & CEO at HGS Digital, said, “This interface strikes a true balance between the use of talent and technology, or ‘bots and brains’ to provide the best experiences for customers and the agents that support them.” 

HGS stock inched up by 0.78 per cent on the NSE, trading at ₹1,011.25 at 1:18 pm on Tuesday.

Shankara Building Products Ltd’s shares were up by 6.89% to Rs 758.95 on the BSE. The company is being demerged to create two separate entities focused on the building materials marketplace and manufacturing, respectively.

Magna Electro Castings Ltd. announced the temporary shutdown of its plant from December 25th to December 30th, 2023, for upgrading the moulding system. Shares were down by 0.77% to Rs 461.95 on the BSE.

The BSE Sensex was up by 0.29% or 209.70 points to 71,510.73 while NSE Nifty was up by 0.22% or 47.30 points to 21,469.90 at 1 pm

Vijaya Diagnostic Centre Ltd. announced the approval of terms for acquiring a 100% stake in Pune’s Integrated Diagnostic Centre, P H Diagnostic Centre. The acquisition is valued at Rs 134.65 crore. Shares were up by 3.08% to Rs 634.15 on the BSE.

Balrampur Chini Mills Limited disclosed an order from the Joint Commissioner of State Tax, Ayodhya, Uttar Pradesh, regarding the disallowance and recovery of ineligible input tax credit amounting to Rs 63.43 lakhs along with interest, and a penalty of Rs 2.96 lakh. Shares were down by 0.87% to Rs 398.30 on the BSE.

J. B. Chemicals & Pharmaceuticals Ltd. secured a TradeMark License Agreement with Novartis Innovative Therapies AG, Switzerland, with a cash consideration of USD 116 million for a portfolio of ophthalmology brands and Rs 125 crore for the Promotion and Distribution Agreement. Shares were up by 0.57% to Rs 1480.40 on the BSE.

Hinduja Global Solutions launched HGS Agent X, AI-driven accelerator for contact centres, for customer interactions. Shares were up by 1.75% to Rs 1021.40 on the BSE.

Jubilant Foodworks Limited appointed Suman Hedge as the Executive Vice President and Chief Financial Officer of the Company. Shares were up by 2% to Rs 569.80 on the BSE.

Life Insurance Corporation of India (LIC) reduced its stake in Tata Motors Limited, decreasing its shareholding from 5.110% to 3.092%. The open market sale resulted in a decrease from 169,802,847 to 102,752,081 equity shares. The transaction was carried out at an average cost of Rs 711.65 per share. Stock trades at Rs 797.80, down by 0.44% on the BSE.

Shalimar Paints Limited discloses that Hella Infra Market Private Limited acquired 22,918 equity shares of Shalimar through an open market purchase. The acquisition increases Hella Infra Market’s shareholding to 37.28% of the total equity share capital of Shalimar Paints Limited. The transaction was executed at a price of Rs 179.99 per share. Shares were up by 0.58% to Rs 182.35 on the BSE.

Insecticides (India) Limited promoters announced the inter-se transfer of shares through “Gift” transactions within the Promoter and Promoter Group. Shares up by 1.90% to Rs 655.50 on the BSE.

Honeywell Auto: Company Wins Major Reliance Life Sciences Contract for Building Management and Safety Tech

Shraddha Prime Projects Limited announced the development of two towers, “Shraddha Pavilion,” in Kanjurmarg East, Mumbai, with a projected carpet area of 53,000 sq.ft. and an estimated revenue potential of Rs 100 crores over the next 2 years. Shares were down by 1.94% to Rs 78.02, on the BSE.

Major gainers on the BSE at 12 pm include- Kiri industries Ltd. (16.01%), Hemisphere Properties India Ltd. (11.96%), DCM Shriram Ltd. (11.32%), India Glycols Ltd. (7.96%), Orient Electric Ltd. (7.80%)

Major losers on the BSE at 12pm - LT foods Ltd. (-4.96%), Zee Entertainment Enterprises ltd. (-3.08%), KPI green energy Ltd. (-3.22%), L&T Technology Services Ltd (-3.26%), Jindal Stainless steel Ltd. (-3.36%)

A total of 3,748 stocks were traded on the BSE, of which, 1,873 advanced, while 1,713 declined and 162 stocks remained unchanged. As many as 290 stocks hit a 52 week high and 12 stocks hit a 52 week low at 12 pm on Tuesday.

The BSE Sensex was up by 0.20% or 144.14 points to 71,459.23 while NSE Nifty was up by 0.12% or 25.90 points to 21,444.55 at 12 pm

Castrol India Limited disclosed a service tax credit disallowance dispute with the Commissioner of Central Excise & Service Tax, involving an amount of Rs 81.99 crore. The dispute is related to disallowance of service tax credit on various services. Shares up by 3.29% to Rs 152.45 on the BSE.

Mutual Funds’ debt assets under management (AUM) as a percentage of bank deposits have fallen in the last five years in the backdrop of banks attracting huge investments due to a rise in interest rates. 

On the other hand, investors’ confidence in debt mutual funds was shaken by credit incidents and increases in key bank rates during the said period.

Total subscription: 1.03 times

NII portion: 0.70 times

Retail Individual Investors portion: 1.75 times

Employee Reserved portion: 1.58 times

Tech Mahindra Limited allotted 1,49,940 equity shares pursuant to the exercise of ESOPs, including 84,885 shares from ESOP-2014 and 65,055 shares from ESOP-2018. The allotment was made at an issue price ranging from Rs 5 to Rs 621.93 per share, contributing to the total issued share capital of Rs 4,880,821,985. Shares were down by 1.39% to Rs 1273.50 on the BSE.

McNally Bharat Engineering Company Limited announced the approval of its Resolution Plan by the National Company Law Tribunal, Kolkata Bench. Shares were up by 4.99% to Rs 6.31 on the BSE.

The BSE Sensex was down by 0.06% or 43.66 points to 71,271.43 while NSE Nifty was down by 0.08% or 17.20 points to 21,401.45 at 11.39 am

Devyani International Ltd.’s shares were up by 4.42% to Rs 191.40 on the BSE, The company announced its foray into the Thailand market by acquiring 274 KFC outlets for Rs 1,066.10 crore, of which Devyani will shell out Rs 341.4 crore. It has also approved an investment of Rs 340 crore in its global arm, Devyani International DMCC, Dubai.

India Glycols Ltd.’s shares were up by 8.02% to Rs 759 on the BSE. The company received an order from oil marketing and oil companies for the supply of 16.55 litres of ethanol with an estimated value aggregating to Rs 1,164 crore under the Ethanol Blended Petrol Programme.

Gretex Corporate Services Ltd.’s shares were up by 3.39% to Rs 282.15 after the company signed the mandate with a steel company based in Chennai.

PayCraft, a Mumbai-based FinTech entity specializing in online and offline payments processing, has launched the One Nation Corporate Card in partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI). This innovative card, built on an indigenously developed multi-wallet platform with Transit Issuance and Processing Capability, serves as an Employee Tax Benefit instrument. It also comes with a corporate expense management platform for the employer to manage their expenses digitally.

The USP of the One Nation Corporate Card is its ability to function as a National Transit Card, enabling cardholders to travel throughout India on any public transport that accepts bank-issued cards. Built on National Common Mobility Card (NCMC) Specifications with Offline enabled, these cards will advance the Government of India’s vision of One Nation One Card. This Card also offers a valuable solution for digitizing business expenses for corporates and SMEs across the country.

Nestle India’s shares were up by 5.20% to Rs 25622, The company has set Jan. 5 as the record date for determining shareholders’ entitlement for stock splits. It had approved a share split in the ratio of 1:10 on Oct. 19.

The Board of Directors of Sheth Developers Pvt Ltd on Tuesday approved early full redemption of 550 Secured, Listed, Rated, Redeemable, Cumulative, Non-Convertible Debentures (NCDs), carrying 12 per cent coupon rate, aggregating Rs 55 crore. This redemption is out of the 660 NCDs (having Rs 10 lakh face value each) issued by the Company, per its regulatory filing.

Sony is yet to begin conversations with Zee Entertainment Enterprises on the possibility of extending the deadline for completing the merger between the two, and wants to hear what Zee’s proposal is on the closing conditions, before taking a decision on whether to extend the deadline.

Oilmeal exports surge by 21 per cent during April-November 2023-24, driven by increased demand for soyabean and rapeseed meals. The country’s logistic advantage to South-East Asia and competitive pricing contribute to this remarkable growth in exports. Despite challenges, such as the extended ban on ricebran exports impacting eastern India’s processors, major importers such as South Korea, Thailand, Vietnam, and Bangladesh continue to fuel India’s robust performance in the global oilmeal market.

India has witnessed a significant growth of 21 per cent in the export of oilmeals during April-November of the current financial year. This increase is attributed to the export growth of soyabean meal and rapeseed meal.

Data from the Solvent Extractors’ Association of India reveals that India exported 28.83 lakh tonnes of oilmeals during the mentioned period, compared to 23.82 lakh tonnes in the corresponding period of the previous financial year

Biocon Biologics, a subsidiary of Biocon Ltd., was recognized as an Asia IP Elite for 2023 by Intellectual Asset Management (IAM). Shares were down by 1.61% to Rs 249.90 on the BSE.

India grapples with a 10.7 per cent decline in sugar production by mid-December, conflicting reports from major associations, and a policy shift barring ethanol diversion. 

Despite seasonal delays in Maharashtra and Karnataka, concerns arise over the impact on the sugar-ethanol balance. Industry protests prompt a compromise, allowing mills to divert 1.7 million tonnes for ethanol, offering relief amid a looming financial threat to distillery projects.

Sugar production in India has continued to decline, with output until December 15 being 10.7 per cent lower compared to the same period last year.

Two major sources, the Indian Sugar Mills Association and the National Federation of Cooperative Sugar Factories, report slightly different figures. Isma states that about 7.40 million tonnes were produced, while NFCSF’s crushing report shows a 9.2 per cent year-on-year decrease at 7.43 million tonnes.

The sugar season in India runs from October to September. Both Isma and NFCSF cover nearly all sugar companies including private and cooperative. Factors such as delayed starts in sugar factories in Maharashtra and Karnataka by 10-15 days compared to the previous year are noted.

The Bank Nifty index has been coming down since Monday. The index is down 0.38 per cent today and is trading at 47,685. The advance/decline ratio is at 3:9. It indicates broader weakness in the index. 

The Nifty 50 is trading lower. The index is trading at 21,380, down 0.18 per cent. Nifty has been struggling to rise past 21,500 over the last few days. There is, therefore, a good chance of an intermediate dip to 21,250-21,200 in the coming sessions.

UGRO Capital Ltd raised approximately Rs 2,500 million through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank. Shares were up by 1.35% to Rs 273.65 on the BSE.

JSW Steel Ltd’s wholly-owned subsidiary, Periama Holdings LLC, completed the acquisition of the remaining 10% stake in JSW Steel (USA) Inc. With this transaction, Periama’s shareholding in JSW USA has increased from 90% to 100%, making JSW USA a wholly-owned subsidiary of Periama and a step-down wholly-owned subsidiary of JSW Steel. Shares were down by 0.64% to Rs 849.25 on the BSE.

The benchmark indices opened flat on Tuesday, December 19. Nifty was at 21,410.45, down by 8.20 pts or 0.04 per cent as of 9:37 am, while the BSE Sensex was at 71,318.48, up by 3.39 pts or 0 per cent as of 9:35 am.

This refers to ongoing corporate insolvency resolution process of Go Airlines (India) Limited (“Go First”) under the Insolvency and Bankruptcy Code, 2016. 

Please note that SpiceJet Limited (the “Company” or “SpiceJet”) has expressed interest with the Resolution Professional of Go First and wish to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet. The Board of the Company has recently approved and initiated process of raising fresh capital of about US$ 270 million to strengthen its financial position and provide resources to invest in growth plans.

Spicejet Ltd.’s shares were up by5.84% to Rs 67.96 on the BSE.

ICICI Bank allotted 475,141 equity shares under the ICICI Bank Employees Stock Option Scheme. The allotment, with a face value of Rs 2 each, was approved by two Executive Directors. Shares were down by 0.21% to Rs 1018.45 at 10.14 am on the BSE.

Kellton Tech Solutions Ltd. was chosen as the HRMS partner by Life Insurance Corporation of India (LIC). The multi-year project involves implementing HR technology across LIC’s network of over 4,000 locations. Shares were down by 0.19% to Rs 102.85 on the NSE.

Add-Shop E-Retail Limited announced an urban expansion initiative. The company plans to shift its distribution ratio from 10:90 (urban to rural) to 40:60 by 2026. The move includes collaborations with Zeon LifeSciences for introducing nutraceutical products. Shares were up by 2.58% to Rs 32.98 on the BSE.

RateGain Travel Technologies’ Channel Manager collaborates with Sarovar Hotels and Resorts. RateGain’s solution facilitates real-time rate updates, analytics, and efficient inventory management for the Hotel. Shares were up by 1.32% to Rs 726.70 on the BSE

The rupee depreciated 3 paise to 83.13 against the US dollar in early trade on Tuesday amid firm crude oil prices and outflow of foreign funds from domestic equity markets.

The rupee, however, found support due to marginal weakness in American currency and positive sentiment in the equity markets, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.10 against the dollar and then slipped to 83.13 gainst the greenback, registering a fall of 3 paise over its previous close. In early deals, the local unit was oscillating between 83.09 and 83.13 versus dollar.

Crude oil futures gained on Tuesday morning following fears of supply disruptions due to the attack on merchant vessels by Houthi militants in Red Sea region. At 9.54 am on Tuesday, February Brent oil futures were at $78.10, up by 0.19 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $72.84, up by 0.03 per cent. January crude oil futures were trading at ₹6081 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6137, down by 0.91 per cent; and February futures were trading at ₹6119 as against the previous close of ₹6163, down by 0.71 per cent.

Issue Period:- 18- December-23 to 19- December-23

For Non- Retail ( QIB +HNI ) open & close date - 18-December -23 

For Retail open & close date – 19 –December-23 (Today)

Floor Price: INR “304”

Closing Price on date of announcement: Rs.389.20

Current Market Price: 361.05

Base Issue size: 0.16 Crs Shares – 14.55% of O/S Capital

Green Shoe Issue size: NIL

Total Issue Size: 0.16 Crs equity shares (INR 49 Cr) – 14.5% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 18 December, 2023 

Total Issue Size: 0.145 Crs shares (INR 44.30 Cr)

Non-Retail Clearing Price: Rs. 310.00

Retail Portion - 10% of Offer Size - Bidding on 19 December, 2023(Today)

Total Issue Size: 0.016 Crs equity shares (INR 4.92 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 310.00.

Adani group stocks have attracted portfolio investments of over ₹52,000 crore (over $6 billion) in 2023 from global strategic investors, retirement, and insurance funds, a third of net foreign portfolio inflows into Indian equities this calendar year so far.

According to data sourced from Prime Database, investors acquired stakes in group firms for an amount of ₹52,570 crore during the period March to October.

Aether Industries Limited announced its entry into the electrolyte additives space through an agreement with a global lithium-ion battery producer. Shares were down by 2.08% to Rs 889, on the BSE.

Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday.

JTL Industries Limited announced a mega capacity expansion project in Maharashtra, planning to raise Rs 1.3 crore through Qualified Institutional Placement (QIP). The initiative is led by its subsidiary JTL Tubes Limited. Shares were up 3.66% to Rs 249.55, on the BSE.

Den Networks Limited received a penalty of Rs 52,623 from CGST Delhi South Commissionerate for wrong availment of input tax credits under CGST Act. The company plans to appeal the order. Shares down by 0.28% to Rs 57.21 on the BSE.

Bohra Industries Limited (-2.90%), Raj Rayon Industries Limited (-2.03%), SEL Manufacturing Company Limited (-0.06%

Times Guaranty Limited (19.99%), Hindcon Chemicals Limited (11%), NINtec Systems Limited (10%), 

Century Plyboards (India) Limited (8.82%), Sandur Manganese & Iron Ores Limited (8.65%)

The BSE Sensex was up by 0.04 per cent or 26.58 points to 71,341.67 while NSE Nifty was up by 0.03% or 6.70 points to 21,425.35 at 9.36 am

Major gainers on the BSE at 9.30 am - India Glycols (8.79%), Sandur Manganese & Iron Ores Ltd. (8.60%), Century plyboards Ltd. (8.57%), Devyani international Ltd (5.95%), Delta Corp Ltd. (5.53%)

Major losers on the BSE at 9.30 am - LT foods Ltd. (-4.65%), Zee Entertainment Enterprises ltd. (-3.67%), KPI green energy Ltd. (-3.07%), GTL Infrastructure Ltd (-3.21%), TeamLease Services Ltd. (-2.09%)

The Indian benchmark indices, Sensex and Nifty, showed minimal movement during Tuesday’s opening. The global surge fuelled by anticipations of U.S. interest rate reductions seemed to slow down, notably as several Federal Reserve officials countered these expectations. 

The 30-share BSE Sensex climbed 69.79 points to 71,384.88 in early trade. The NSE Nifty gained 14.20 points to 21,432.85.

Domestic markets are likely to move in a narrow range ahead of the holiday season. Analysts expect low participation from investors, especially institutions, that will keep the market in a narrow range. However, the impending settlement of December contracts in the derivative segment (Next Thursday) will keep individual stocks in focus. Analysts expect the consolidation phase to continue at domestic markets.

According to Suman Bannerjee, CIO, Hedonova, portfolio rebalancing diversification and investing in financially robust companies should remain priorities. “Consider slightly increasing your equity allocation amid market momentum and continue using market dips as opportunities to expand your portfolio. Stick to a diversified approach and allocate assets wisely to mitigate risks,” he added.

While the undertone remains bullish given strong economic fundamentals, select bouts of profit-taking cannot be ruled out, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Most Asian equity markets are down marginally in early deals on Tuesday.

Markets are currently undergoing a consolidation phase following a significant rally, and Tuesday’s session is expected to closely resemble Monday’s trading activity, said Sheersham Gupta, Director and Senior Technical Analyst, Rupeezy.

Mandar Bhojane, Research Analyst at Choice Broking, said the substantial buying from both FIIs and DIIs, as mentioned above, is expected to provide strong support for the market to move higher in the coming days. “Therefore, traders and investors are advised to maintain their long positions with a trailing stop loss set at 21,000 levels,” he added.

Happy Forgings Ltd will hit the capital market with an issue priced in a band of ₹808–850 on Tuesday. The issue from the Ludhiana-based company will close on Thursday. The minimum bid lot is 17 equity shares

The public issue comprises a fresh issue of ₹400 crore and an Offer for Sale (OFS) of up to 71.60 lakh shares worth ₹609 crore.

The initial public offering of Suraj Estate Developers was subscribed 0.72 time on the opening day on Monday.

The ₹400-crore IPO of the Mumbai-based realtor Suraj Estate Developers Ltd is priced in a band of ₹340-360. The issue will close on Wednesday (December 20).

Aether Industries: Company Executes Strategic Agreement with Global Lithium-Ion Battery Producer to Announce Entry in the Electrolyte Additives Space

Credit offtake continued to grow, increasing by 20.8% year on year (y-o-y) to reach Rs. 156.2 lakh crore for the fortnight ending December 01, 2023 reaching a 3-year high. This surge is due to the impact of HDFC’s merger with HDFC Bank along with the festival season and growth in personal loans. If we exclude the impact of the merger, credit grew at a lower rate of 16.4% y-o-y fortnight compared to last year’s growth of 17.5%.

The outlook for bank credit offtake continues to remain positive for FY24.

• Deposits too grew by 13.4% y-o-y for the fortnight (including the merger impact). Excluding merger impact growth stood at 12.7%. Sequentially we saw a marginal decline of 0.3%. Deposit growth is expected to improve in FY24 compared to earlier periods as banks look to shore up their liability franchise and ensure that deposit growth does not constrain the credit offtake.

• The Short-term Weighted Average Call Rate (WACR) stood at 6.71% as of December 8, 2023, compared to 5.96% on December 9, 2023, due to pressure on short-term rates.

7SBI – Buy Call, Target Raised To Rs 800

PNB – Neutral Call, Target Rs 90 

BoB – Buy Call, Target Raised to Rs 280 

Canara Bk – Buy Call, Target Raised To Rs 550 

Union Bk – Buy Call, Target Raised to Rs 150 

Indian Bk – Buy Call, Target Raised to Rs 525 

Well Poised For Re-rating 2.0 

1% RoA – From Aspirational To Sustainable; Valuations Remain Attractive 

PSBs Earnings Pool To Grow To Inr1.7t By FY26 Vs Rs 57,300 In FY22 

Liability Franchise Robust, LCR Ratio At Comfortable Levels 

Margin Performance Resilient, Higher Mix Of MCLR To Shield Margins 

Wage Provisions To Have Limited Impact (Barring SBI), Opex To Moderate 

Asset Quality Ratios Improving Steadily, Low SMA Pool Further Augurs Well

Co Is An Integrated Player Engaged In Manufacturing Of Various Critical Components

Precision Engine Forged Components For 4Ws, 2Ws, And CVs 

Co Also Manufactures Components For The Aerospace, Defence, And EV Industries 

Co Has A Strong Orderbook Of Rs 1,930 Cr As Of Q2FY24 

Orderbook Includes 52% Is From Tech-Agnostic, xEV & Non-auto Segments 

Tech-Agnostic, xEV & Non-auto Segments Believe Should Drive Strong Topline Growth Going Ahead 

Build In Revenue Growth Of 19% Over FY23-26 

Assuming A Margin Of 17.7% For FY25/ 26, Further Driving PAT Growth Of 32% CAGR Over FY23-26 

Also Build In RoE/ RoCE Of 19%/ 20.2% In FY26 Against 13.3%/ 14.3% In FY23 

Outperform Call, Target Rs 211 

Will Pay Rs 341.4 Cr For A 50% Stake in Restaurant Development Co 

Temasek Holdings Will Take A 48% Stake and a Local Thai Partner Will Take The Rest 

Total Purchase Of Rs 1,066 Cr Includes Local Bank Debt Of Rs 385 Cr 

Purchase Is Valued At A TTM EV/Sales Of 0.83x

Hold Call, Target Rs 190 

In A Surprising Move, Co Has Announced Acquisition Of Thailand-based Restaurant Dev 

‘Growth At Reasonable Price’ Seems To Be The Rationale 

‘Growth At Reasonable Price’ Evident From 8x Trailing EV/EBITDA 

‘Growth At Reasonable Price’ Evident From 13% Store Addition CAGR 

Forward Growth Multiple Could Be 5-6x EBITDA Even If Assume Modest Growth 

However, Would Have Liked An India Growth Effort Instead 

Hope This Does Not Kick-Start Overseas M&As

Buy Call, Target Rs 530 

BAT Has Been Facing Headwinds Due To Volume Decline 

Co Has Been Facing Headwinds Due To High Level Of Debt 

High Level Of Debt Compressed Valuation To 6x P/E, Lowest Among Tobacco Majors 

Interestingly, Strong Momentum At Co Has Allowed It To Pip BAT’s Market Cap Recently 

Recent Communication Shows BAT Appears To Be Comfortable Trimming C.4 ppt Stake In Co To 25% 

Also Sees Hotels As Non-core Signalling A Potential Stake Sale Once ITC Hotels Is Listed 

Buy, TP Raised to Rs 3000 

Consumer businesses in focus; leverage concerns overdone 

Consumer biz could contribute around 85% of incremental EBITDA over FY23-26E (vs only around 40% over FY21-23), taking their share in segment EBITDA from 49% in FY23 to 58% in FY26E 

Improving earnings could generate sufficient free cash flow to reduce debt beyond FY24 

Investors yet to appreciate consumer businesses-led earnings growth 

New energy opportunities not fully priced in; adds Rs225/share in SOTP

Overweight Call, Target Rs 2,821

Reliance Jio Launched New Bundled Mobile Plans 

Reliance Jio Launched OTT Subscriptions & Jio Cinema Premium Subscription For Prepaid Consumers 

Jio Cinema Premium Is An Ad-Free Streaming Of Its Content Available At`999/Annual 

Premium Does Support Monetisation Of The 5G Investments 

Media Investments (US $2.3bn Done Over The Past 2 Yrs In Jio Cinema) 

New Plan Focus Is On Premiumisation Vs Discount 

New Plan Should Support A Post-Tax RoCE Rise For Telecom & Co Consolidated Above Average Levels 

See Multiple Triggers Across Various Vertical 

See Multiple Triggers To Reverse The Past Nearly Two Years Of Earnings Downgrade Cycle 

In our last sector report on public sector banks (PSBs) titled ‘Public Sector Banks: The Homecoming of RoA!’ published in Jan’23, we argued that underlying earnings quality for PSBs improved significantly and that PSBs were well positioned to sustainably deliver 1% RoA – which looked aspirational at that time.

- PSBs have demonstrated significant improvements in their operating parameters and the combined profitability of six PSBs under our coverage has thus improved to ~INR912b in FY23 from a loss of INR295b in FY18.

- We estimate PSBs to sustain ongoing earnings traction, aided by improved loan growth, margin stability and controlled credit costs thus driving continued rerating of the sector. A reflection on PSBs valuation history may cause trading multiples to look constrained however the quality of earnings, growth outlook and broader re-rating in PSU entities will nevertheless enable steady performance of the sector.

- Select PSBs now guide for RoA of 1.2% in FY25 which implies scope of continued earnings upgrade. Over FY23-26, we estimate earnings CAGR of 24% for PSBs vs. 19% for private banks (adjusted for HDFC Bank merger). We believe that the changing narrative on interest rates may further fuel the sector earnings & growth outlook.

- For top six PSBs under our coverage, we estimate PAT of INR1.5t/INR1.7t in FY25/FY26. We expect sector RoA/RoE to improve to 1.2%/17.9% by FY26. Several PSBs have raised capital from the market and have a healthy Tier-1 ratio, which should aid business growth, particularly as the capex cycle revives post general elections.

- We thus estimate ABV of our coverage PSBs to grow at a healthy 16-22% range over FY24-26. We introduce FY26E and roll-forward target prices for our PSBs coverage universe. Top picks: SBIN, BOB and CBK.

Devyani International Ltd (DIL) has entered Thailand QSR market (KFC), with its subsidiary acquiring 93% stake in Restaurant Development Co. (RD) and remaining 7% stake being allocated to a local partner, as per regulation norms. The subsidiary will be meeting the acquisition’s funds (Rs6.7bn) with capital infusions from the India parent (Rs3.4bn) and Temasek (Rs3.3bn). Valuations are fair at 9-10x its trailing EBITDA, given the potential of low-to-mid teens EBITDA CAGR for Thailand business. DIL expects doubling of store count in 10 years, and we see scope of low-to-mid-single-digit SSG profile and potential margin gains of 200-300bps over this period. While further acquisition of territories, stronger recovery in the tourism space, and better margin delivery remain potential upsides, we would like to remain conservative as of now. Given muted demand trends in KFC India, challenges in the pizza category, and macroeconomic issues in Nigeria, we maintain our Reduce rating on DIL with a TP of Rs165

Buzzing Stocks: Devyani Intl, Sun Pharma, Adani Green Energy, Vakrangee, Royal Orchid, Info Edge (India), Shankara Building, IDFC First Bank, oil marketing companies, IDFC Bank, Apollo Tyres

Sandur Manganese & Iron Ores Limited: Bonus Shares Update : Board recommends Bonus Issue in the ratio 5:1

Issue of Bonus Shares Issue of Bonus Shares to the equity shareholders of the Company in the ratio of 5:1 i.e., 5 (Five) new fully paid-up Equity Shares of ₹10/- (Rupees Ten) each for every 1 (One) existing fully paidup Equity Share of ₹10/- (Rupees Ten) each held by the eligible shareholders as on the Record Date (to be determined by the Board and to be intimated to the Exchanges in due course) upon obtaining approval of the shareholders.

MS on Reliance Ind: Maintain Overweight on Company, target price at Rs 2810/sh (Positive) 

Jefferies on ITC: Maintain Buy on Company, target price at Rs 530/sh (Positive) 

MOSL on State Bank: Maintain Buy on Bank, raise target price at Rs 800/sh (Positive) 

MOSL on Bank Baroda: Maintain Buy on Bank, raise target price at Rs 280/sh (Positive) 

MOSL on Canara Bank: Maintain Buy on Bank, raise target price at Rs 550/sh (Positive) 

MOSL on Union Bank: Maintain Buy on Bank, raise target price at Rs 150/sh (Positive) 

MOSL on Indian Bank: Maintain Buy on Bank, raise target price at Rs 525/sh (Positive) 

Jefferies on Devyani: Maintain Buy on Company, target price at Rs 211/sh (Positive) 

Antique on Sansera: Maintain Buy on Company, raise target price at Rs 1150/sh (Positive) 

Jefferies on Power sector: NTPC, JSW Energy and Power Grid remain top picks (Positive) 

MOSL on PNB: Maintain Neutral on Bank, target price at Rs 90/sh (Neutral) 

Jefferies on Devyani: Maintain Hold on Company, target price at Rs 190/sh (Neutral)

Price band revised from 5% to 20%: Borosil. 

Ex/record Interim Dividend: Easy Trip Planners. 

Moved into a short-term ASM framework: TVS Holdings. 

Moved Out of short-term ASM framework: Spencer’s Retail.

Usha Martin: Promoter group Neutral Publishing House bought 1.18 lakh shares between Dec. 13 and 14. 

Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1.41 lakh shares between Dec. 12 and 15. 

Ultramarine and Pigments: Promoter S Narayan sold 5,000 shares between Dec. 15 and 16.

Pledge Details 

Choice International: Promoter group Patodia Properties created a pledge of 3.10 lakh shares on Dec. 15. Promoter group NS Technical Consultancy created a pledge of 13.44 lakh shares on Dec. 16.

Archean Chemical: India Resurgence Fund-Scheme 2 sold 19.23 lakh shares (1.56%) at Rs 600 apiece; India Resurgence Fund-Scheme 1 sold 11.38 lakh shares (0.92%) at Rs 601 apiece; Piramal Natural Resources sold 11.38 lakh shares (0.92%) at Rs 600 apiece; Tata AIA Life Insurance bought 14.06 lakh shares (1.14%); DSP Mutual Fund bought 10 lakh shares (0.81%); and Goldman Sachs FDS Goldman Sachs India Equity Portfolio bought 6.23 lakh shares (0.5%) at Rs 600 apiece. 

Seamec: Sunil Kumar Bhala sold 1.29 lakh shares (0.5%) at Rs 908.13 apiece. 

Sapphire Foods: Sapphire Foods Mauritius sold 33.37 lakh shares (5.24%) and Samara Capital Partners Fund sold 4.49 lakh shares (0.7%) at 1,400 apiece. HDFC Mutual Fund bought 22 lakh shares (3.45%) and the Government of Singapore bought 10.05 lakh shares (1.57%) at Rs 1,400 apiece.

Inox India: The cryogenic tank maker’s public issue was subscribed to 61.28 times on day 3. The bids were led by institutional investors (147.80 times), non-institutional investors (53.20 times) and retail investors (15.30 times). 

Motisons Jewellers: The public issue was subscribed to 15.02 times on day 1. The bids were led by retail investors (22.24 times), non-institutional investors (13.82), and institutional investors (0.08 times). 

Muthoot Microfin: The public issue was subscribed to 0.83 times on day 1. The bids were led by retail investors (1.38 times), non-institutional investors (0.61 times) and a portion reserved for employees (1.24 times). The portion for institutional investors received no bids. 

Suraj Estates: The public issue was subscribed to 0.72 times on day 1. The bids were led by retail investors (1.24 times), non-institutional investors (0.28 times) and institutional investors (0.12 times). 

RBZ Jewellers: The IPO will open for bids on Tuesday and only comprise a fresh issue of Rs 100 crore. The price band is fixed at Rs 95–100 per share. The company has raised Rs 21 crore from anchor investors. 

Credo Brands: The IPO will open for bids on Tuesday and will only comprise an offer for sale of Rs 549.78 crore. The price band is fixed at Rs 266-280 per share. The company has raised Rs 165 crore from anchor investors. 

Happy Forgings: The Rs 1,008 crore IPO will open for bids on Tuesday. It will comprise a fresh issue of Rs 400 crore and an offer for sale of Rs 608.6 crore. The price band is fixed at Rs 808–850. The company has raised Rs 302.5 crore from anchor investors.

HDFC Bank: The private lender has raised Rs 7,425 crore through its maiden 10-year infrastructure bond issue on Monday, at a coupon rate of 7.71%, according to market participants with knowledge of the matter.

Vedanta: The company approved a second interim dividend of Rs 11 per share, amounting to Rs 4,089 crore. The record date for the payment of dividends is Dec. 27.

Apollo Tyres: An affiliate of Warburg Pincus is seeking about $100 million through a 3% stake sale, according to Bloomberg News. The floor price is set at Rs 440 apiece.

Sun Pharmaceutical Industries: The drugmaker will acquire a 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million.

Nestle India: The company has set Jan. 5 as the record date for determining shareholders’ entitlement for stock splits. It had approved a share split in the ratio of 1:10 on Oct. 19.

IDFC First Bank: The company received the RBI nod for the merger of IDFC and IDFC Financial

Holding Co. with itself.

India Glycols: The company received an order from oil marketing and oil companies for the supply of 16.55 litres of ethanol with an estimated value aggregating to Rs 1,164 crore under the Ethanol Blended Petrol Programme.

Devyani International: The company has announced its foray into the Thailand market by acquiring 274 KFC outlets for Rs 1,066.10 crore, of which Devyani will shell out Rs 341.4 crore. It has also approved an investment of Rs 340 crore in its global arm, Devyani International DMCC, Dubai.

Marico: The company’s top brand, Parachute Advanced, launched a new hair oil, “Sampoorna.” 

Allcargo Gati: The board will meet on Dec. 21 to consider fundraising.

Kaynes Technology: The company opened its QIP for raising up to Rs 1,400 crore and set the floor price at Rs 2,449.96 per share, which indicates a discount of 5.8% to the stock’s previous close of Rs 2,601.65 on NSE.

JTL Industries: The company approved raising up to Rs 810 crore via issuance of warrants and raising up to Rs 500 crore via QIP.

Vakrangee: The company has entered into a share purchase agreement for the acquisition of 8.8% of the equity share capital of Vortex Engineering from International Finance Corp.

KPI Green: The company opened its QIP for raising up to Rs 300 crore and set the floor price at Rs 1,245 per share, which indicates a discount of 9.64% to the stock’s previous close of Rs 1,377.85 on NSE.

PNC Infratech: The company emerged as the lowest bidder for the Rs 1,174 crore road project in Madhya Pradesh.

Olectra Greentech: NCLT dismissed the company’s petition against MLR Motors for recovery of Rs 10 crore.

Info Edge: The company has agreed to invest Rs 40 lakh in unit Jeevansathi Internet Services.

Prataap Snacks: The company clarified on a media report of promoters being in talks for the sale of a controlling stake. The company is not in negotiations, as reported in the article.

Biocon: The company’s unit, Biocon Biologics, announced the successful completion of the transition of the acquired biosimilars business in 120 countries across advanced and emerging markets.

Ethos: Ritesh Kumar Agrawal has resigned from the position of chief financial officer and key managerial personnel for personal reasons.

NHPC: The company will mull the monetisation of future cash flow of one or more power stations at a board meeting on Dec. 22.

DCW: The company temporarily suspended operations at the Sahupuram plant due to flooding and water logging.

Sonata Software: The company announced its collaboration with Bayer to allow Bayer to develop new Agriculture-Powered Services for Microsoft Azure Data Manager for Agriculture that enable retrieval and integration of in-field activity data by working with leading manufacturers of farm machinery.

Dish TV: The company said it would require the government’s nod to appoint Sanjeev Banerjee to the board.

Shankara Building Products: The company approved the demerger of the trading business. The trading business comprises retail and distribution of building products. Shareholders will get 1 share of the demerged company for every 1 share held in the company.

IPL-Linked Companies: The player auction for the Indian Premier League 2024 will be held on 

Tuesday. Companies that own teams will be in focus. These include:Lucknow Super Giants:

CESC, PCBL, Saregama India, Spencers Retail, and Firstsource Solutions. Mumbai Indians:

Reliance Industries, Network 18, Reliance Power, Alok Industries. Royal Challengers Bangalore:

United Spirits. Sunrisers Hyderabad: Sun TV.Punjab Kings: Bombay Burmah Trading Corp.,

Bombay Dyeing,Bombay Realty., National Peroxide.Dehli Capitals: JSW Group companies, GMR

Power and Urban Infra.

The ₹100-crore initial public offering of RBZ Jewellers will open today at a price band of ₹95-100. The issue will close on Thursday (December 21) and the market lot is 150 shares. 

The offer is entirely a fresh issuance of one crore shares . IPO is being made to finance the working capital requirements of the Company and for General Corporate Purposes. 

While not more than 35 per cent of the offer would be available for Qualified Institutional Buyers, not less than 30 per cent of the offer is reserved for non-institutional bidders and less than 35 per cent is allocated for retail investors. 

The initial public offering of Mumbai-based Credo Brands Marketing Ltd will be launched today to raise ₹549.80 crore. The company has fixed the price band at ₹266-280 and investors can bid for a minimum of 53 shares. The issue will close on Thursday.

The ₹960-crore IPO of Muthoot Microfinance was subscribed 0.83 time at the end of of Day 1 on Monday. The issue, which comes at a price band of ₹277-291, closes on Wednesday. Investors can bid for a minimum of 51 shares. 

As agains the offer size of 2,43,87,447 shares, it received bids for 2,01,43,062shares. 

The comprises a fresh issue of ₹760 crore (2.61 crore shares) and an offer-for-sale (OFS) of ₹200 crore (0.69 crore shares). nvestor shareholders including Greater Pacific Capital WIV, and promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas and Nina George will sell stake through OFS.

The initial public offering of Jaipur-based jewellery retailer Motisons Jewellers was subscribed 15.02 times at the end of Day 1, thanks to retail investors. As against 2,08,71,000 shares on offer, the IPO received bids for 31,34,36,250 shares. 

The company hit the primary market to raise ₹151 crore at a price band of ₹52-55. The issue will close on December 20 and the market lot is 250 shares. 

The entire issue from Chhabra family-owned jewellery maker is only a fresh issue of 2.74 crore shares.

TENT JAPAN Bank of Japan Monetary Policy (Expected: -0.1% versus Previous: -0.1%) 

TENT JAPAN Bank of Japan Press Conference 

15.30 EURO Final CPI y/y (Expected: 2.4% versus Previous: 2.4%) 

19.30 U.S. Building Permits (Expected: 1.46M versus Previous: 1.49M)

Accenture plc. (Pre market) (Sector- Technology)

Factset Research Systems. (Pre market) (Sector- Technology)

FedEx Corporation. (Post market) (Sector- E-Commerce)

BHP Group Limited. (Tentative) (Sector- Metal and Mining)

• BALRAMCHIN 

• HINDCOPPER 

• INDIACEM 

• MANAPPURAM

• NATIONALUM

• SAIL

• ZEEL

The board of NHPC will meet on December 22 to consider the monetisation of future cash flow of one or more power stations

Vedanta: The company approved a second interim dividend of Rs 11 per share, amounting to Rs 4,089 crore. The record date for the payment of dividends is Dec. 27

DCW: The company temporarily suspended operations at the Sahupuram plant due to flooding and water logging

Nestle India: The company has set Jan. 5 as the record date for determining shareholders’ entitlement for stock splits. It had approved a share split in the ratio of 1:10 on Oct. 19

We met up with the Star Cement management. The company is well-poised to achieve a robust 19 per cent volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) region. Additionally, its cost curve is likely to continue to trend down due to a cool-off in fuel prices, a rising share of low-cost green power, and operational leverage gains.

At the recent Thermax Fest held on December 15th, 2023, TMX showcased its innovative solutions across coal gasification, bio-CNG & biomass fuels, green hydrogen, renewable hybrid energy, construction chemicals, water, cooling & heating technologies, Thermal HVAC and industrial asset management.

quick returns. SMEs in India raised a record ₹4,305 crore supported by individual investors

The latest version of the Telecommunications Bill, 2023, introduced in the Lok Sabha on Monday includes significant changes in the allocation of spectrum for satellite broadband services, wherein spectrum for such services can be assigned at administered prices without any auction.

Institutional investors want the Zee-Sony transaction to close as soon as possible, with or without Zee CEO Punit Goenka at the helm of the merged entity. On Sunday, Zee informed the exchanges that it has asked Sony to extend the deadline of the merger from December 21. Sony is yet to acquiesce to the request for an extension. This is after a stalemate between both sides with Sony adamant in not wanting Goenka to have an executive role in the merged entity, while Goenka continues to bat for the CEO position. 

The production of masur (lentils) will likely increase this crop year (July 2023-June 2024) with favourable weather supporting the crop despite the acreage trailing marginally till mid-December compared with the year-ago period.

The India Pulse and Grains Association (IPGA), in its latest market update, said the forthcoming domestic masur crop is projected to have higher yields due to favourable weather conditions in Madhya Pradesh and Uttar Pradesh, the key producing States. The upcoming crop period of December-January is crucial for plant growth and the yield potential hinges on the soil moisture availability. “If nothing goes wrong on the weather front, we should have a crop of 16.5-17 lakh tonnes, higher than last year’s 15.5 lakh tonnes,” said Bimal Kothari, Chairman, IPGA.

The Income Tax Department on Monday reported that net direct tax collection had surged 21 per cent to over ₹13.70-lakh crore during April 1 to December 17 period as against ₹11.36-lakh crore mobilised during the corresponding period of the previous fiscal.

It also said that the sum of three instalments of advance tax recorded a growth of around 20 per cent during the current fiscal.

The acquisition is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

The short-term outlook is bullish for IDBI Bank. The stock has begun the week on a strong note by rising 4.7 per cent on Monday. This rise has taken the share price well above the key resistance level of ₹68. The region between ₹69 and ₹67 willact as a strong support zone.

U.S. stocks gained ground on Monday as market participants parsed mounting expectations of interest rate cuts from the Federal Reserve in the coming year and looked ahead to a week of crucial economic data. 

A broad but modest rally boosted the S&P 500 and the Nasdaq to solid gains, while the Dow ended essentially flat.

The Dow Jones Industrial Average held steady at 37,306.02, the S&P 500 gained 21.37 points, or 0.45%, to 4,740.56 and the Nasdaq Composite added 90.89 points, or 0.61%, to 14,904.81.

Mounting attacks by militant groups on ships in the Red Sea sent crude prices higher over supply concerns, which in turn boosted energy stocks, which have largely been left behind by the recent rally.

S&P 500 energy stocks added 0.8%. -- Reuters

Early on Tuesday, Asian shares and the yen stabilized, shifting attention to Japan’s central bank and its potential departure from an ultra-easy monetary policy, while global stocks remained optimistic about impending U.S. rate cuts.

Japan’s Nikkei 225 index traded marginally up by 0.03% at 32,771.25, while the broader Topix index declined by 0.33% to 2,309.27. South Korea’s KOSPI also traded down by 0.03% at 2,565.94, and Australia’s S&P/ASX 200 rose by 0.57% at 7,468.40.

The Bank of Japan (BoJ) is set to conclude its policy meeting today, expected to maintain its loose monetary policy despite mounting speculation about potentially ending its negative interest rate policy by January, analysts noted.

In the U.S., the Dow Jones Industrial Average held steady, the S&P 500 rose by 0.45%, and the Nasdaq Composite added 0.61%.

Rising attacks on ships in the Red Sea elevated crude prices due to concerns over supply disruptions.